13 Dec FAQs
We are your â€˜allyâ€™ through the maze of borrowing options and the buying process. By using our services, you will have a specialist dedicated to looking after your interests. Our mortgage brokers are here to answer any questions you may have. Below are some common questions we get, but if you have one that is not on the list, please get in touch!
What does a mortgage broker do?
Mortgage brokers are professionals in the home loan industry. They work with you to determine your borrowing needs and how much you can borrow. Brokers help ensure you donâ€™t take out a loan that is too big for you.
Professional Mortgage Brokers only focus on loans. If you have a toothache, you go to the dentist not a florist. If your car is broken you take it to a mechanic not a librarian. You go to someone trained to help you with your specific need. Itâ€™s the same when you need a loan.
Brokers have access to a wide variety of loans. This means your broker can find a loan that is just right for you.
Do you charge fees for home and investment loans?
Some mortgage brokers charge a fee and some donâ€™t. When you take out a loan via a Mortgage Broker â€“ it does not cost you more. That is an absolute myth. Brokers get paid commission by the bank for bringing new business to them, and this does not impact your rate or level of service.
Some brokers charge a fee for their service. They must disclose this fee upfront to you so you know what you will be up for if you engage their services.
Donâ€™t you just recommend the lender who pays you the most commission?
Absolutely not! There is legislation in our industry, called the National Consumer Credit Protection Act or NCCP, that is
designed to protect consumers and ensure ethical and professional standards in the finance industry. we tell yo upfront what commission we will be getting from the bank. Our job, our only job, is to find the best loan for your needs and servicability.
How much can I borrow?
This will depend on how much you have saved for a deposit and what you current expenses are. Give us a call and we can go into your options in more detail, or check out the loan calculators page of our site!
I am not in your area, can we still work together?
Sure thing! We are mobile brokers so we can come to you!
Which lenders do you deal with?
I am a Connective broker. This means I have access to their panel of 50+ lenders – these are the major banks, second tier, and credit unions. We can source you a loan from the lender of your choice.
Who sets interest rates?
The Reserve Bank of Australia meet on the first Tuesday every month to determine the official cash rate for the country. The lenders then use this information to set their own rates. Mortgage brokers do not set rates.
Why should I use a mortgage broker if I can go with a bank?
When we talk about a â€˜loan productâ€™ we are referring to the thousands of options that are currently available for you for your loan. Each bank (or lender) has loads of different loan options â€“ low doc, package loans, re-draw facilities, plant and equipment loans, fixed, interest only, interested in advance, variable, introductory variable… the issue you face as a consumer is â€˜Which loan is right for me?â€™ And that is where a mortgage broker comes in. If you go direct to the bank, you will only be offered the loan options available through that one lender. As your mortgage broker, we do all the leg work for you. We are across over 50 lenders and all of their loan products and our sole purpose is to find the right loan for your needs.